Daily Gold News: May 31 – Gold Price Going Sideways

Paul-Rejczak Paul Rejczak May 31, 2023

Gold bounced from $1,950 price level; markets await FOMC speeches, economic data.

The gold futures contract gained 1.69% on Tuesday, May 30 as it bounced after its last week’s decline below the $1,950 price level. Gold was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.

In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading along yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 31 – Gold Price Going Sideways - Image 1

The gold price is unchanged this morning as it is trading slightly below the $1,980 level (futures contract’s new series). What about the other precious metals? Silver is 0.4% higher, platinum is 1.0% lower and palladium is 1.0% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence release has been higher than expected at 102.3. Today we will get the JOLTS Job Openings release at 10:00 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Wednesday, May 31

  • 4:00 a.m. Eurozone - ECB Financial Stability Review
  • 8:30 a.m. Canada - GDP m/m
  • 8:50 a.m. U.S. - FOMC Member Bowman Speech
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - JOLTS Job Openings
  • 12:30 a.m. U.S. - FOMC Member Harker Speech
  • 1:30 p.m. U.S. - FOMC Member Jefferson Speech
  • 2:00 p.m. U.S. - Beige Book
  • All Day, Eurozone - German Preliminary CPI m/m

Thursday, June 1

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate
  • 5:30 a.m. Eurozone - ECB President Lagarde Speech
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
  • 1:00 p.m. U.S. - FOMC Member Harker Speech
  • All Day, U.S. - Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist